Title: P&G Announces Board Changes

The Procter & Gamble Company announced that the presiding director of the board of directors, Norman Augustine, will retire following P&G's August board meeting. Current P&G board member W. James McNerney will assume the role of presiding director upon Augustine's retirement. P&G also announced the appointment to the board of Rajat Gupta, McKinsey & Company, effective immediately. Augustine, a director since 1989, has been P&G's presiding director for the last three years. He currently serves as chairman of the compensation & leadership development committee, and is a member of the innovation and technology committee. Augustine is the retired chairman and chief executive officer of the Lockheed Martin Corporation. McNerney joined P&G's board in 2003 and currently serves as a member of the audit, compensation and leadership development, and finance committees. He is chairman of the board, president and chief executive officer of The Boeing Company. Gupta joined McKinsey & Company, a worldwide management consulting firm, in 1973. From 1994 to 2003, he served as worldwide managing director, before being named a senior partner. He has a broad range of consulting experience in a variety of industries, including consumer goods. He holds a bachelor of technology degree in mechanical engineering from the Indian Institute of Technology and an M.B.A. from Harvard Business School.